TOKYO (dpa-AFX) - Mitsubishi Electric Corporation (MIELY.PK) Tuesday said it has agreed to acquire Nozomi Networks Inc., a provider of operational technology (OT) security solutions, for $883 million.
Upon closing the deal, which is expected this year, Nozomi Networks will become a subsidiary of Mitsubishi Electric.
For the year ended December 31, 2024, Nozomi had revenues of $75 million, with 2022-2024 CAGR of 33%.
'By combining Mitsubishi Electric's strengths in the OT domain with Nozomi Networks' cutting-edge security technology, we aim to become the global top OT security solution supplier. By leveraging secure data from Mitsubishi Electric's and Nozomi Networks' diverse customer bases, we will co-create new global services that accelerate Serendie-related businesses,' Mitsubishi Electric said in a statement.
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